Gold dips despite weakness in US dollar
01/08/2017
Gold futures closed lower in the domestic market on Monday despite the dollar heading for its fifth-straight monthly decline.The dollar maintained losses, sending it lower after the Commerce Department reported second-quarter gross domestic expanded at 2.6% annual pace in the second quarter, a pickup from a revised 1.2% pace in the first quarter but weaker than forecast.Gold and the U.S. currency unit typically move inversely as a cheaper dollar is beneficial to gold investors using another currency. But both markets are impacted by interest-rate policy as higher rates support the dollar, but also dull the appeal of nonyielding gold in favor of interest-bearing assets.At the MCX, gold futures for August 2017 contract ended at Rs 28501 per 10 grams, down by 0.28 per cent, after opening at Rs 28,473 against a previous close of Rs 28,580. It touched the intra-day low of Rs 28,467.
01/08/2017
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Gold futures closed lower in the domestic market on Monday despite the dollar heading for its fifth-straight monthly decline.The dollar maintained losses, sending it lower after the Commerce Department reported second-quarter gross domestic expanded at 2.6% annual pace in the second quarter, a pickup from a revised 1.2% pace in the first quarter but weaker than forecast.Gold and the U.S. currency unit typically move inversely as a cheaper dollar is beneficial to gold investors using another currency. But both markets are impacted by interest-rate policy as higher rates support the dollar, but also dull the appeal of nonyielding gold in favor of interest-bearing assets.At the MCX, gold futures for August 2017 contract ended at Rs 28501 per 10 grams, down by 0.28 per cent, after opening at Rs 28,473 against a previous close of Rs 28,580. It touched the intra-day low of Rs 28,467.
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